Current Attempt in Progress The following account balances were included in the trial balance of Culver Corporation at June 30, 2020: Sales revenue $1,842,950 Telephone and Internet expense (office) $2,820 Cost of goods sold 1,061,770 Salaries and wages (office) 7,920 Salaries and wages expense (sales) 53,260 Supplies expense (sales) 5,250 Sales commission expense 97,800 Repairs and maintenance expense (office) 10.030 Depreciation understatement due to error-2018 Advertising expense (sales) 29,230 19.500 (net of tax of $3,300) Freight out 22,000 Miscellaneous expense (office) 6.100 Entertainment expense (sales) 15,320 Dividend revenue 38.300 Telephone and Internet expense (sales) 9,630 Interest expense 19.900 Depreciation of sales equipment 4,980 Income tax expense 133,600 Repairs and maintenance expense (sales) 6,700 Dividends declared on preferred shares 10,345 Miscellaneous expenses (sales) 5.515 Dividends declared on common shares 34,000 Supplies expense (office) 4,150 Depreciation expense on office furniture and equipment 7,550 During 2020, Culver incurred production salary and wage costs of $701,200, consumed raw materials and other production supplies of $474,670, and had an increase in work-in-process and finished goods inventories of $114,100. The Retained Earnings account had a balance of $286.000 at June 30, 2020, before closing. There are 180,000 common shares outstanding. Assume Culver has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods Inventories the cost of goods sold.) Prepare an income statement for the year ended June 30, 2020, using the multiple-step format and showing expenses by function. (List Selling Expenses before Administrative Expenses. Round per share answer to 2 decimal places, eg. 52.74) Culver Corporation Income Statement $ Question 2 of 5 < > -125 Prepare the retained earnings portion of the statement of changes in equity for the year ended June 30, 2020 List items that increase retained earnings first after adjusted talonce O Question 2 of 5 < > -/25 Prepare the retained earnings portion of the statement of changes in equity for the year ended June 30, 2020. (List items that increase retained earnings first after adjusted balance.) Culver Corporation Excerpt from Statement of Changes in Equity S Prepare an income statement for the year ended June 30, 2020, using the single-step format and showing expenses by nature. (Round per share answer to 2 decimal places, eg. 52.74) Culver Corporation Income Statement > < > > < > > > > 5